Sallie Mae Plans to Bring 2,000 Overseas Jobs to U.S.
Student loan company Sallie Mae, officially known as SLM ( SLM), said Monday that it will shift 2,000 jobs from call centers and other operations from overseas locations back into the U.S. The Reston, Va.-based company said that it's bringing the jobs back to the U.S. in order to do its part to ease domestic unemployment, which recently spiked to a decades-long high of 8.5%. Sallie Mae CEO Albert L. Lord said " the current economic environment has caused our communities to struggle with job losses. They need jobs, and we will put 2,000 of them into U.S. facilities as soon as we possibly can." SLM shares rose 37 cents, or 6.9%, in Monday morning trading. Shares of SLM are way off of all-time highs of $57 hit in June 2007. The stock has technical support near all-time lows of $3. If the shares can begin to firm up, we see overhead resistance at the $8-$11 price levels. We do not currently rate this non-dividend paying stock but we do follow the student loan provider closely. SLM does not currently pay a dividend
Cisco Downgraded by Goldman Sachs
Goldman Sachs said Monday that it cut its rating on Internet network company Cisco Systems ( CSCO) to neutral from conviction buy. A Goldman analyst said that since Cisco has reached the bank's $18 price target, that Goldman views its "growth expectation as largely priced in." Goldman added that it maintains a positive long-term view for the company. Cisco shares fell 93 cents, or -5%, in late Monday trading.